StockMarketWire.com - Shares in oil explorer Bowleven [LON:BLVN] rose after it announced a potential discovery from its IM-5 well in Cameroon.

Based on logging while drilling (LWD), the well has intersected a gross reservoir interval of approximately 80 metres which corresponds to the seismic event identified pre-drill.

A preliminary analysis of provisional net pay is estimated to be between 52 and 56 metres, indicating a net to gross of approximately 70%.

Based on preliminary analysis of this data, reservoir quality is believed to be good. Initial indications including data collected from the GC tracer suggests the presence of liquids rich hydrocarbons, although further evaluation is required.

Further logging (including the acquisition of MDT data) and testing is required to confirm reservoir quality and hydrocarbon content and type.

The IM-5 appraisal/development well, located approximately one kilometre south of the IM-3 well location, has an estimated target depth of 3,475 metres and is drilling in water depths of around 56 metres.

The primary objective of this well is to appraise the reservoir and fluid properties of the Middle Isongo sands.

The secondary objective of the well is to investigate the additional potential of the Intra Isongo exploration prospect, a potentially extensive amplitude supported channel system potentially comprising both structural and stratigraphic trapping elements. The well was also designed to intersect the Upper Isongo sands and confirm that these are present at this location and water-bearing as prognosed.

Following a variety of operational delays of a mechanical nature, the well has now reached a depth of 3,330 metres MD and is currently situated just beneath the top of the principal Middle Isongo target. The forward plan is to core the Middle Isongo reservoir then drill on to TD before carrying out further logging and flow testing as appropriate.

Chief executive Kevin Hart said: "We are highly encouraged with the results so far on the IM-5 well which to date has confirmed our pre-drill seismic interpretation. The potentially significant hydrocarbon discovery in the Intra Isongo demonstrates the substantial upside that we believe exists on Etinde. Bowleven is focused on delivering the key requirements that will enable the final investment decision for the Etinde development.

"Consequently IM-5 drilling operations will continue with the planned appraisal of the Middle Isongo interval and, subject to the results, the potential testing of both the Intra and Middle Isongo reservoir formations."

President Energy [LON:PPC] said drilling at its A-54 well at the East White Lake Field had successfully identified about 30 feet of net oil bearing pay.

President has a 21.75% net revenue interest in the field, which is in Louisiana.

It said the well, which was drilled to a depth of 9,400 feet, had been cased and lined ready for completion.

"Production is estimated to commence in approximately four weeks, following the completion using a work-over rig which is currently in the process of being mobilised. Flow rates will be announced once the well is completed," President said in a statement.

The company also said progress was on track in Paraguay, with more than 450kms of line clearing already completed. It added that an initial three-well frac programme was poised to resume in Argentina.

Oil giant BP [LON:BP.] will pay $4bn over five years and serve a term of five years' probation over the Deepwater Horizon accident in the US Gulf.

BP said the US District Court for the Eastern District of Louisiana had accepted the company's plea resolving all federal criminal charges against the company stemming from the Deepwater Horizon accident, oil spill, and response.

The company offered its plea to the court and was sentenced in connection with the agreement BP reached with the Department of Justice (DOJ) on 15 November.

The sector's biggest fallers were Oilex [LON:OEX] and Gold Oil [LON:GOO] - both down by more than 10% - while the biggest risers wer Xtract Energy [LON:XTR] and Matra Petroleum [LON:MTA] - up by more than 22% and 16% respectively.

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